Company Accounts

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1.  Share capital 5,00,000 shares of 10 each Rs. 5 called up Rs. 25,00,000 Calls in arrear Rs. 10,000 Calls in advance Rs. 15,000 Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be____________.  
A.
B.
C.
D.
2.  The amount of calls in arrear is deducted from__________to arrive at________.  
A.
B.
C.
D.
3.  W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
4.  A company issues 100 debentures of Rs. 1000 each at 97 per cent. Theseare repayable out of profits by equal annual drawings over 5 years.Discount on issue of debentures will be written off in the ratio                            
A.
B.
C.
D.
5.  Interest  is calculated on
A.
B.
C.
D.
6.  A company issued Rs.20,000 15% debentures at a discount of 10% redeemable after 15 year at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
7.  The paid up capital of the company consisted of 3000 6% preference shares of Rs. 100 each and 40,000 equity shares of Rs. 10 each. Last year's profit is Rs. 31,000; Current Year's profit Rs. 52,000; The following appropriations were passed at the annual general meeting of the company (i)   To pay the years dividend on preference shares. (ii)  To pay final dividend on equity shares at 50 paise per share (iii)  To transfer Rs. 5,000 to General reserve. The balance of Profit and Loss appropriation A/c to be transferred to Balance Sheet will be  
A.
B.
C.
D.
8.  A Limited Company purchased machine worth Rs. 1,15,000 from Indian Traders. Payment was made as to Rs. 10,000 by cross cheque and the remaining amount by issue of Equity Shares of the face value of Rs. 10 each fully paid at an issue price of Rs.10.50 each. Amount of share premium will be
A.
B.
C.
D.
9.  The Board of Directors of a company decides to issue minimum number of equity shares of Rs. 10 each at 10% discount to redeem Rs.5,00,000 preference shares. The maximum amount of divisible profits available for redemption is Rs. 3,00,000. The number of shares to be issued by the company will be  
A.
B.
C.
D.
10.  In the trial balance of a joint stock company, the following balances are given                                                                                    Dr.                               Cr.  10% Mortgage Debentures (Payable after five years)-                                                                      Rs. 1,00,000                                                                                                  Discount allowed on issue of debentures      2000  Amount of discount written off per year will be
A.
B.
C.
D.
11.  Gopal was holding 100 shares of Rs. 10 each of a company on which he 47 had paid Rs. 3 an application and Rs. 2 on allotment but could not pay Rs. 2 oh first call. Directors forfeited the above share. Share capital will be debited by:  
A.
B.
C.
D.
12.  X Ltd. Forfeited 100 shares of Rs. 10 each issued at a discount of 10% to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment but on which he had not paid Rs. 2 on First Call. In case of forfeiture, share capital account will be debited by        
A.
B.
C.
D.
13.  A Ltd. forfeited 400 shares of Anil of Rs. 10 each fully called up for non payment of final call of Rs. 2 per share and reissued to Sunil as fully paid for Rs. 10 per share. Amount transferred to Capital Reserve will be  
A.
B.
C.
D.
14.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
15.  F Ltd.purchased Machinery from G Company for a book value of Rs.4,00,000.The consideration was paid bi issue of 10 % debentures of Rs.100 each at a discount of 20 % .The debenture account was credited with
A.
B.
C.
D.
16.  1. 50,000 equity share of Rs.100 each fully called up 2. Calls in arrears Rs.50,000 3. Proposed dividend 20%  
A.
B.
C.
D.
17.  Tata Communication invited applications for 50000 equity shares of Rs.10 each and received 65000 applications along with application money of Rs.5 per share. Which of the following is correct  
A.
B.
C.
D.
18.  Interest 10,000 received on debentures redemption Fund investment will be  
A.
B.
C.
D.
19.  A to whom 100 shares of Rs.10 each was allotted at par, paid Rs.3 on application, Rs.3 On allotment but could not pay the first and final call money of Rs.4. His shares were forfeited by the directors. The amount to be credited to shares forfeited account will be  
A.
B.
C.
D.
20.  The following information pertains to Suraj Ltd. Equtiy share capital called up           Rs.5,00,000 Calls in arrears                                    Rs.40,000 Calls in advance                                  Rs.25,000 Proposed dividend                                   15% Amount of dividend payable is 
A.
B.
C.
D.
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